Thursday, June 20, 2024
  1. You Are At:
  2. News
  3. Business
  4. Share market update: Sensex slides 220 points; Nifty below 22,900 amid volatility

Share market update: Sensex slides 220 points; Nifty below 22,900 amid volatility

The markets witnessed significant volatility, reflecting investor caution after a series of record-setting sessions. Analysts attribute the downturn to profit booking and global economic uncertainties impacting investor sentiment.

Edited By: Nitin Kumar @Niitz1 New Delhi Updated on: May 29, 2024 0:01 IST
Image Source : FILE Business stock exchange building.

The benchmark BSE Sensex continued its downward trajectory for the third consecutive day, shedding 220 points amidst volatile trading on Tuesday. The decline was attributed to profit-taking in sectors such as power, oil, and capital goods, as investors awaited the outcome of the Lok Sabha elections.

Sensex and Nifty performance

The 30-share BSE Sensex concluded the day at 75,170.45, marking a decrease of 220.05 points or 0.29%. Meanwhile, the NSE Nifty settled at 22,888.15, dropping by 44.30 points or 0.19%. Both indices witnessed fluctuations throughout the day, reaching highs and lows amidst market uncertainty.

Market sentiment and analyst outlook

Analysts observed a trend of 'buying on dips and sell on rallies' as investors navigated the uncertainty surrounding the election results. Despite achieving lifetime highs on Monday, the markets experienced a downturn due to significant profit-taking. Vinod Nair, Head of Research at Geojit Financial Services, highlighted the likelihood of continued volatility as the market awaits election outcomes.

Sectoral performance and market trends

Among sectors, defensive segments like pharmaceuticals and FMCG displayed optimism, while mid- and small-cap stocks underperformed. The real estate and power sectors experienced notable declines, while healthcare emerged as the sole gainer. The broader market saw the BSE smallcap gauge decline by 1.09% and the midcap index decline by 0.63%.

Global market trends and oil prices

In international markets, Asian indices closed lower, while European markets traded with mixed sentiments. US markets remained closed on Monday for the Memorial Day holiday. Meanwhile, Brent crude oil prices rose marginally to USD 83.21 per barrel. 

Foreign institutional investors activity and monsoon forecast

Foreign Institutional Investors (FIIs) reportedly divested equities worth Rs 541.22 crore on Monday. Additionally, the IMD's forecast of above-normal rainfall in India's core monsoon zone offered a positive outlook for the country's agriculture sector amid ongoing market fluctuations.

Also read | LIC plans health insurance foray after historic dividend payout, explores acquisitions


Read all the Breaking News Live on and Get Latest English News & Updates from Business